- Value held on the XRP Ledger averaged US$4.26 billion in Q2, the highest level in Evernorth’s six-quarter data set.
- RLUSD balances on XRPL averaged US$539 million, up 642% from US$73 million a year earlier.
- Daily transacting accounts and new accounts both fell by around 25% year on year, pointing to weaker user growth.
- Trading still grew, with order-book volume up 79% despite fewer accounts placing trades.
The XRP Ledger is holding significantly more value than it was a year ago, even as several measures of user activity have slipped.
Evernorth’s Q2 data shows tokenised assets on the network averaged US$3.72 billion (AU$51.6 billion) during the quarter, more than double the previous quarter and over 30 times higher than a year earlier. Add around US$539 million (AU$748 million) in average RLUSD balances, and the total value held on XRPL reached about US$4.26 billion (AU$5.91 billion). Six quarters earlier, the figure was just US$99 million (AU$137 million).
RLUSD Drives Much of the Growth
Ripple’s dollar-backed stablecoin appears to be playing a major role in the shift. Average RLUSD supply on XRPL climbed from US$73 million (AU$101 million) in Q2 2025 to US$539 million, an increase of more than 600%. The ledger’s share of total RLUSD in circulation also rose from 20% to 34%.
Read more: XRP Bridge Exploit Drains Nearly $202,000 in Real XRP
That growth comes despite weaker participation across the network. Daily transacting accounts fell 24% year on year to about 16,600, while new accounts dropped 25% to roughly 2,800 a day.
Trading activity has followed a similar pattern, although order-book volume increased 79% to 3.57 million XRP a day. The number of accounts placing those trades fell by about 40%, suggesting that more value is moving through XRPL without a corresponding increase in the number of active users.
The figures come as XRPL adds infrastructure aimed at larger financial players, including permissioned markets and tokenised Treasury settlement. A US Treasury fund transaction also settled its asset leg on the ledger in less than five seconds during the quarter.
The data does not prove that institutions are replacing retail users, as one account can represent either an individual or a trading firm. Still, the combination of rising asset values, growing RLUSD balances and weaker account growth points to a network increasingly focused on the amount of capital moving through it, rather than simply the number of users.
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